2014 Owners Magazine

The Bronx, NYC’s Final Development Frontier, Booms

Bronx General Post Office

As novel development sites in Manhattan, Brooklyn and pockets of Queens become scarce, real estate leaders are turning north to the Bronx, a borough largely seen as the final frontier of the city’s real estate landscape.

“Private investment has for too long overlooked the Bronx, and the collective populations who call the Bronx home—including Latinos, African-Americans and Asians—in our opinion have long been underserved by developers,” said Adam Zucker, Youngwoo & Associates’ director of business development. “With an immense waterfront stretch offering city views, numerous access points to Manhattan, and strong public transportation and highway infrastructure, the fundamentals are ripe for development.” Read More

Sales Beat

Fortis Plans Mixed Use Maiden Lane Development

A rendering of the development at 151-161 Maiden Lane

Fortis Property Group has purchased 151-161 Maiden Lane for $64 million.

Cushman & Wakefield made the announcement today after a team of Helen Hwang, Nat Rockett, Steve Kohn, Jared Kelso, John LiGreci, Bruce Mosler and George Giannopoulos represented Maiden Lane Development LLC in the sale.

“151-161 Maiden Lane is an irreplaceable waterfront location, spanning an entire Read More

REBNY

REBNY Report Throws Hammer Down on Landmarking

An image from the annual REBNY GALA

The number of Manhattan properties under landmark protection has reached a milestone, but this will only restrain job creation, constrict development and increase the city’s cost of living, according to the Real Estate Board of New York.

A report from REBNY found that 11,857 properties – nearly 27.7 percent – of Manhattan properties are now Read More

Machers

Dan Doctoroff Still Has Big Plans―Like Moving the Javits to Sunnyside Yards

11 Photos

Dan Doctoroff, Still Scheming

It has been five years since Dan Doctoroff reported to City Hall  for work, but the former deputy mayor and current CEO of Bloomberg LP still finds time to think up interesting, even outrageous visions for the city. Well, they would be crazy if they did not have a habit of getting built. After all, so many developments that came out of Mr. Doctoroff’s unsuccessful bid to draw the Olympics to the five boroughs have since been realized regardless, from Atlantic Yards to Hudson Yards to Hunters Point South, the No. 7 extension, water taxis—the list goes on and on.

These success suggest that even though Mr. Doctoroff is no longer in command, might it still be possible to see a gondola stretch across the East River between Lower Manhattan, Governors Island and Brooklyn? Or a light rail line running the entire length of the waterfront from Astoria in Queens to Brooklyn’s Red Hook? Or, most audacious of all, tearing down the Javits convention center and moving it to yet another decked-over rail yard, this time in Sunnyside, where it would be surrounded by apartment and hotel towers and a sizable retail complex? Read More

Machers

The Ups and Downs of Rich Marin, the Ex-Banker Building the World’s Biggest Ferris Wheel

(Victor Juhasz)

Rich Marin is big. For more than three decades, he dominated Wall Street, creating some of the industry’s most exotic investments, making billions for his clients, and millions for himself. One of his minions blew a hole in the side of Bankers Trust, a firm Mr. Marin helped transform into a derivatives powerhouse, and still he held on for the ride, becoming the youngest managing director ever at the bank. It all came crashing down five years ago, when the hedge funds he oversaw at Bear Stearns imploded. The rest of the world followed within the year. But there was Mr. Marin, standing amid the wreckage, helping rescue an overzealous Israeli diamond magnate who had plowed $3 billion into prime U.S. real estate just as the frothing market froze over. He rescued the firm, only to be unceremoniously fired two years to the day after he joined.

Now Rich Marin wants to build the world’s largest ferris wheel—in Staten Island, naturally—and the mayor just gave him his blessing.

Did we mention he is big? At the announcement of the project last Thursday, Mr. Marin absolutely dwarfed Mayor Bloomberg and Senator Chuck Schumer, along with the other dignitaries gathered at the ferry terminal. But despite his imposing size—he stands 6-foot-5 and is built like an offensive lineman—Mr. Marin is probably one of the gentlest people on the Street. Were he a real bear, rather than having worked for one, Mr. Marin would be not a grizzly but a teddy. This may help explain his turbulent career. Read More

Troubling Developments

Make No Big Plans: The End of the Mega Project Era

We're missing our siblings. (Brownstoner)

Hudson Yards. Atlantic Yards. The Williamsburg waterfront. For the past decade, residential development has been defined by the creation and conversion of soaring condo towers across the city. From Extell’s Ariel twins on the Upper West Side to so many of the Financial District’s former office buildings, this was the way we built, the way we were to live. But the era of the condo project is over Read More